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To ask the Chancellor of the Exchequer, what steps she is taking to notify individuals of the existence of Child Trust Funds that were opened on their behalf by HM Revenue and Customs and remain unclaimed.
To ask the Chancellor of the Exchequer, what steps she is taking to notify individuals of the existence of Child Trust Funds that were opened on their behalf by HM Revenue and Customs and remain unclaimed.
To ask the Chancellor of the Exchequer, how many mature Child Trust Fund accounts that were opened by HM Revenue and Customs remain unclaimed, and what the estimated total value is of those accounts.
To ask the Chancellor of the Exchequer, how many mature Child Trust Fund accounts that were opened by HM Revenue and Customs remain unclaimed, and what the estimated total value is of those accounts.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of an automatic release process for unclaimed Child Trust Funds traced by National Insurance number.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of an automatic release process for unclaimed Child Trust Funds traced by National Insurance number.
The Government agrees it is vital to step up efforts to reunite young people with their unclaimed matured Child Trust Funds (CTFs). Around three million accounts have now matured, of which over three quarters of a million remain unclaimed. Recognising the scale of the challenge and building on existing steps, Government has now put in place three new initiatives.
Firstly, HMRC is carrying out social research to better understand the barriers that may prevent young people from engaging with their CTF. This work is intended to improve our understanding of how young people respond to communications about their accounts, and how Government and industry can encourage more account holders to act.
Secondly, HMRC is writing directly to 21 year olds whose matured CTFs remain unclaimed. These letters will make young people aware that they have a CTF and encourage them to take steps to claim it.
Thirdly, Government has launched a dedicated CTF Taskforce, bringing together Government and CTF providers to improve tracing approaches and identify more effective ways to engage young people.
The Government is aware of proposals for the automatic release of funds in unclaimed matured CTF accounts. These savings belong to individual account holders and are held by private sector providers, meaning decisions about the funds rest with the account holder. The Government does not have the authority to access or transfer these funds and neither the Government nor providers hold information on bank accounts belonging to CTF account owners which could accept transferred funds.
To ask the Chancellor of the Exchequer, what steps her Department is taking to trace the owners of unclaimed Child Trust Funds.
To ask the Chancellor of the Exchequer, what steps her Department is taking to trace the owners of unclaimed Child Trust Funds.
The Government agrees it is vital to step up efforts to reunite young people with their unclaimed matured Child Trust Funds (CTFs). Around three million accounts have now matured, of which over three quarters of a million remain unclaimed. Recognising the scale of the challenge and building on existing steps, Government has now put in place three new initiatives.
Firstly, HMRC is carrying out social research to better understand the barriers that may prevent young people from engaging with their CTF. This work is intended to improve our understanding of how young people respond to communications about their accounts, and how Government and industry can encourage more account holders to act.
Secondly, HMRC is writing directly to 21 year olds whose matured CTFs remain unclaimed. These letters will make young people aware that they have a CTF and encourage them to take steps to claim it.
Thirdly, Government has launched a dedicated CTF Taskforce, bringing together Government and CTF providers to improve tracing approaches and identify more effective ways to engage young people.
The Government is aware of proposals for the automatic release of funds in unclaimed matured CTF accounts. These savings belong to individual account holders and are held by private sector providers, meaning decisions about the funds rest with the account holder. The Government does not have the authority to access or transfer these funds and neither the Government nor providers hold information on bank accounts belonging to CTF account owners which could accept transferred funds.
To ask the Chancellor of the Exchequer, what her policy is on introducing automatic release of funds from unclaimed adult-owned Child Trust Funds.
To ask the Chancellor of the Exchequer, what her policy is on introducing automatic release of funds from unclaimed adult-owned Child Trust Funds.
The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.
The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.
The Government has also recently established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
Ten minute rule motion for leave to bring in a Bill. Agreed to on question. Presentation and first reading (Bill 106). To be read a second time on 29 January 2027.
Ten minute rule motion for leave to bring in a Bill. Agreed to on question. Presentation and first reading (Bill 106). To be read a second time on 29 January 2027.
I beg to move,
That leave be given to bring in a Bill to make provision about access to matured child savings accounts in the name of a young person who lacks capacity; to require the Secretary of State to review savings provision for children and young people with disabilities including...
I beg to move,
That leave be given to bring in a Bill to make provision about access to matured child savings accounts in the name of a young person who lacks capacity; to require the Secretary of State to review savings provision for children and young people with disabilities including...
My Lords, I will speak briefly in general across this set of amendments and specifically to Amendment 141 in my name, supported by the noble Baroness, Lady Altmann.
In the general remarks, I say to the noble Lord, Lord Holmes, that I am excited and thrilled by his amendments in this...
My Lords, I will speak briefly in general across this set of amendments and specifically to Amendment 141 in my name, supported by the noble Baroness, Lady Altmann.
In the general remarks, I say to the noble Lord, Lord Holmes, that I am excited and thrilled by his amendments in this...
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Share Foundation's proposal for an automatic release process for HMRC-allocated Child Trust Fund accounts; and whether the Government will introduce such a process using existing National Insurance number distribution channels.
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Share Foundation's proposal for an automatic release process for HMRC-allocated Child Trust Fund accounts; and whether the Government will introduce such a process using existing National Insurance number distribution channels.
The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts, where the account was opened by HMRC. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.
The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.
The Government has also established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
To ask the Chancellor of the Exchequer, what assessment she has made of her Department's ability to deliver an automatic release process for HMRC-allocated accounts for unclaimed monies from Child Trust funds.
To ask the Chancellor of the Exchequer, what assessment she has made of her Department's ability to deliver an automatic release process for HMRC-allocated accounts for unclaimed monies from Child Trust funds.
The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts, where the account was opened by HMRC. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.
The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.
The Government has also established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
To ask the Chancellor of the Exchequer, what steps the Government is taking to connect the 758,000 unclaimed adult-owned Child Trust Fund accounts with their owners; and what timeline she has set for addressing this, particularly for account-holders from low-income backgrounds.
To ask the Chancellor of the Exchequer, what steps the Government is taking to connect the 758,000 unclaimed adult-owned Child Trust Fund accounts with their owners; and what timeline she has set for addressing this, particularly for account-holders from low-income backgrounds.
The Government is aware of proposals for the automatic release of funds in unclaimed matured Child Trust Fund (CTF) accounts, where the account was opened by HMRC. These savings belong to the account holders and are held by private sector providers. The Government does not have the authority to access or transfer these funds.
The Government is committed to reuniting young people with their CTFs. HMRC works with providers, industry representatives and others to raise awareness and help individuals trace their accounts, including through targeted communications and a free GOV.UK tracing service.
The Government has also established a dedicated Taskforce to address unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
To ask the Chancellor of the Exchequer, what steps she is taking to make help adults with disabilities in Newcastle-under-Lyme to access their personal child trust funds.
To ask the Chancellor of the Exchequer, what steps she is taking to make help adults with disabilities in Newcastle-under-Lyme to access their personal child trust funds.
HMRC promotes awareness of the Child Trust Fund scheme through targeted communications and highlights HMRC's 'Find a Child Trust Fund' service which helps people search for details of their Child Trust Fund (CTF) provider so that they can take ownership of their accounts.
The law requires parents or guardians to have legal authority to make decisions about the financial assets or property on behalf of their adult children. This includes accessing funds held in a mature CTF.
The Ministry of Justice has published a toolkit on gov.uk explaining the process for parents and guardians of young people without mental capacity to obtain legal authority if no other arrangements are in place. This can be done by making an application to the Court of Protection for an order authorising access to monies held in a mature CTF. Where an individual has sufficient mental capacity, it is possible for them to access the account themselves or make a Power of Attorney.
In addition, the Government has established a dedicated Taskforce to address the issue of unclaimed matured CTF accounts and improve outcomes for account holders. The Taskforce will bring together Government and industry to strengthen tracing activity, increase engagement, and support access to these funds.
The Government continues to keep all aspects of savings policy under review.
To ask the Secretary of State for Work and Pensions, whether his Department has made a recent assessment of the potential merits of amending the Social Security Administration (Representation) Regulations 1999 to allow appointees to manage child trust funds on behalf of mentally incapable young adults aged 18 and over.
To ask the Secretary of State for Work and Pensions, whether his Department has made a recent assessment of the potential merits of amending the Social Security Administration (Representation) Regulations 1999 to allow appointees to manage child trust funds on behalf of mentally incapable young adults aged 18 and over.
The DWP appointee system gives access to social security benefits only. It does not give access to monies held in Child Trust Funds. Where the owner of the fund is incapable of accessing the funds themselves, the Mental Capacity Act 2005 provides for how a third party can do that on their behalf, namely, through the Court of Protection.
To ask the Chancellor of the Exchequer, what steps her Department is taking to enable disabled young people to access funds held in Child Trust Funds and Junior ISAs when they turn 18.
To ask the Chancellor of the Exchequer, what steps her Department is taking to enable disabled young people to access funds held in Child Trust Funds and Junior ISAs when they turn 18.
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
To ask the Chancellor of the Exchequer, what steps her Department is taking to simplify the process for families seeking access to Child Trust Funds and Junior ISAs for disabled young people.
To ask the Chancellor of the Exchequer, what steps her Department is taking to simplify the process for families seeking access to Child Trust Funds and Junior ISAs for disabled young people.
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies of the costs associated with legal processes required to access Child Trust Funds and Junior ISAs for disabled young people.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies of the costs associated with legal processes required to access Child Trust Funds and Junior ISAs for disabled young people.
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
To ask the Secretary of State for Justice, what assessment his Department has made of the adequacy of the accessibility of Child Trust Funds and Junior ISAs for young people who lack mental capacity.
To ask the Secretary of State for Justice, what assessment his Department has made of the adequacy of the accessibility of Child Trust Funds and Junior ISAs for young people who lack mental capacity.
Where a young adult lacks mental capacity, the law requires parents or guardians to have legal authority to make decisions on their behalf about their financial assets or property. This longstanding safeguard helps protect vulnerable people from potential financial abuse, and applies to funds held in a Child Trust Fund or Junior ISA.
On 9 June 2023, the Ministry of Justice published the “Making Financial Decisions For Young People: Parent and Carer Toolkit”. This explains how parents and guardians of disabled children who lack capacity can obtain legal authority where none is in place, including applying to the Court of Protection to access funds in a Child Trust Fund or Junior ISA. The toolkit is available on GOV.UK, along with guidance on completing the necessary court forms: How to apply to make property and finance decisions on someone’s behalf (including Child Trust Funds) - GOV.UK
We understand that concerns remain. The Ministry of Justice continues to engage with key stakeholders to better understand the challenges and identify potential improvements in a way that balances access with safeguards.